Around 95 per cent of Indian businesses are willing to pay more taxes, provided there is a greater clarity from authorities on taxation issues, says a survey.
According to the Grant Thornton International Business Report (IBR), India ranks number one, amongst nations appealing for clarity on 'acceptable' tax planning.
"India ranks #1 amongst nations appealing for clarity on 'acceptable' tax planning with 95 per cent of Indian businesses willing to pay more taxes in exchange for greater clarity from authorities on what is acceptable," the survey said.
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Grant Thornton Advisory Director Pallavi Bakhru said: "Understandably companies are eager to get clarity on taxes as the price of being slammed with unanticipated tax claims is not just the tax amount but the time, money and energy spent in defending such claims."
Bakhru further said that "given the media attention tax cases garner these days, Apple, Google and Starbucks are classic examples and closer home Vodafone and Shell, being in the public eye, for all the wrong reasons doesn't do businesses any good either."
The survey, which covered 2,580 businesses in 35 economies said that globally, business leaders are not hopeful that a global agreement will be enacted to provide clearer tax rules for all.
Moreover, around 71 per cent said they would support their own government taking unilateral action to combat the loss of tax revenue in their jurisdiction.
Support for local action is strongest in India (95 per cent), the US (82 per cent), UK (79 per cent), China (67 per cent) and Ireland (64 per cent), the survey added.
